GMD – Earnings surge on lower provisioning costs and strong JV contributions
• In Q4-FY25, GMD reported revenue and NPATMI of VND 1,614 billion (+14% YoY) and VND 513 billion (+119% YoY), respectively. Container throughput at the GMD’s key port clusters – Nam Dinh Vu, Binh Duong & Phuoc Long PIP, and Gemalink – reached 383 thousand TEU (-12% YoY), 501 thousand TEU (+29% YoY), and 527 thousand TEU (+17% YoY), respectively.• For 2025, net revenue and NPATMI reached VND 5,946 billion (+23% YoY) and VND 1,677 billion (+49% YoY), fulfilling 110% and 100% of our forecasts, respectively. Overall, GMD’s 2025 operating performance aligned with our expectations set at the beginning of the year, particularly our view that Gemalink would remain the primary growth driver for GMD.
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